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If the price elasticity of demand for bananas is -1.5 and the price elasticity of demand for grapefruit is -2.5, and the marginal cost of producing each of the items is $0.50 each, what is the profit-maximizing price for each?Bananas: $1.50; Grapefruit: $0.83 Bananas: $0.75; Grapefruit: $1.25 Bananas: $0.34; Grapefruit: $0.20 Bananas: $0.75; Grapefruit: $1.25
Someone claim that immigration must always be good for economy because the raised supply of labor will result in a higher GDP. Estimate this statement.
In 2005, hogs in the US were selling for $67 each, down from $75 a year ago. This was primarily due to fact that supply had raise during the period to 1.8 million hogs per week.
Compare and contrast the two basic approaches to dealing with pollution caused by economic activity: the Polluter Pays Principle versus the Precautionary Principle.
Construct the Coutrnot profit function. Differentiate this function and solve for the reaction functions of firm one and firm two.
Find the market price, the quantity produce and the profit of each firm and what is the number of firms in the long run equilibrium?
What are the effects of labor unions on wages and productivity? what are the Right-to-work laws in individual states?
If the government subsidizes private colleges and sets the subsidy so that the efficient number of students will enroll in college, what is the subsidy per student? How many students will enroll?
If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that marginal revenue exceeds marginal cost.
From what you know about these firms' cost structures, what is the highest possible price per unit that could exist as the market price in long-run equilibrium?
Define and explain technological advance, and describe how does technological advance enter into the definition of the very long run?
Assume that the book printing industry is competitive and starts in a long-run equilibrium. Make a diagram describing the typical company in the industry.
Among the types of expenses faced by a company short-run costs, fixed and variable, as well as long-run costs, how can technology help companies to decrease their costs?
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